Turnkey Lender Raises $10M, Appoints Chairman of the Board

B2B software as a service (SaaS) company Turnkey lender announced on Thursday (July 14) that it had raised $10 million in new funding and named a new chairman of the board.

According to a press release sent to PYMNTS, the company will use the funds to “capture new opportunities in macro trends in integrated lending adoption in North America, Europe and Southeast Asia, following a growth trajectory sustainable”.

See also: TurnKeyLender, VoPay, team to digitize loans

Meanwhile, TurnKey has named Christian Morales, a 40-year veteran of the global technology world, as its new chairman of the board.

“He will play an active role in ensuring that TurnKey Lender continues the impressive growth in revenue, hiring, strategic partnerships and customer relationships over the past several years,” the statement read. “It will also leverage TurnKey Lender’s fully automated, AI-powered technology, continuing to enable brands to fund their own customers with a fully automated, integrated lending platform.”

Founded in 2014, TurnKey Lender provides integrated lending and finance automation software, offering a SaaS platform that it claims automates every step of the digital lending process. Its customers include traditional, alternative and integrated lenders such as FinTechs, telecoms, retailers, medical and B2B lenders.

The company has offices in Austin, Singapore, London, Kuala Lumpur, and Warsaw, and serves 180 customers and 50 million end users in more than 50 countries, depending on the release.

Earlier this year, TurnKey partnered with Canadian integrated payment technology company VoPay to offer fully digitized end-to-end process automation for lenders.

“TurnKey Lender and VoPay are joining forces to further streamline the digitization of every part of the lending process for traditional, alternative and integrated lenders,” the companies said in May.

“While the TurnKey Lender platform specializes in consumer and commercial credit automation, meaningful integration with VoPay will enable fast and efficient automated loan disbursements and installment collections, expanding lenders’ capabilities to meet customer payment preferences.

Learn more: Banks brace for new competitive forces in commercial lending

In 2021, PYMNTS spoke with Elena Ionenko, Co-Founder and COO of TurnKey Lender, about how traditional financial institutions hold key data about their business customers, giving them an edge over their FinTech rivals. .

“Even today, FinTechs and non-bank lenders who offer different business loans online, in many cases, still process applications and make decisions manually,” Ionenko said. “In order to digitize the loan origination process for commercial loans, you need to create specific credit scoring models, which can only be created if you have data.”

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About: More than half of utilities and consumer finance companies have the ability to digitally process all monthly bill payments. The kicker? Only 12% of them do. The Digital Payments Edge, a collaboration between PYMNTS and ACI Worldwide, surveyed 207 billing and collections professionals at these companies to find out why going digital remains elusive.

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